Tokmanni Group Corporation Business Review Unaudited 14
November 2025 at 8:00 am
THIRD QUARTER 2025 HIGHLIGHTS
· Tokmanni Group's revenue grew by 4.0% (14.3%) and was EUR 432.8 million
(416.3)
· Like-for-like revenue grew by 0.7% (0.8%)
· Comparable gross profit was EUR 150.4 million (148.3) and comparable gross
profit % was 34.7% (35.6%)
· Comparable EBIT amounted to EUR 26.4 million (29.5), 6.1% of revenue (7.1%)
· Cash flow from operating activities amounted to EUR 31.8 million (8.1)
· Earnings per share, diluted was EUR 0.24 (0.28)
JANUARY-SEPTEMBER 2025 HIGHLIGHTS
· Tokmanni Group's revenue grew by 3.4% (27.8%) and was EUR 1,217.5 million
(1,178.0)
· Like-for-like revenue grew by 0.4% (0.0%)
· Comparable gross profit was EUR 423.5 million (418.9) and comparable gross
profit % was 34.8% (35.6%)
· Comparable EBIT amounted to EUR 36.5 million (52.3), 3.0% of revenue (4.4%)
· Cash flow from operating activities amounted to EUR 31.0 million (12.1)
· Earnings per share, diluted was EUR 0.10 (0.33)
SPECIFIED GUIDANCE FOR 2025
In 2025, Tokmanni Group expects its revenue to be EUR 1,710-1,750 million.
Comparable EBIT is expected to be EUR 85-95 million.
Previous guidance for 2025 (issued on 18 July 2025)
In 2025, Tokmanni Group expects its revenue to be EUR 1,700-1,790 million.
Comparable EBIT is expected to be EUR 85-105 million.
PAYMENT OF THE SECOND DIVIDEND INSTALMENT
The Board of Directors of Tokmanni Group Corporation has decided not to exercise
its authorisation to pay a second dividend instalment for the financial year
ending 31 December 2024. The decision takes into account Tokmanni Group's
upcoming investments in store locations, strategic projects, and IT systems, as
well as the current structure of the company's balance sheet. Tokmanni Group
Board's aim is to strengthen the company's balance sheet and to ensure the
funding of investments and growth.
TOKMANNI GROUP CEO MIKA RAUTIAINEN
We have continued to take determined actions in line with our strategy to ensure
growth and to integrate Dollarstore into Tokmanni Group. In the third quarter,
the Group's total revenue increased by 4.0%. This development was particularly
driven by the increase in the number of stores in Denmark and Sweden.
In Tokmanni stores, summer seasonal products performed well in the third
quarter, thanks especially to favourable weather in July and discount sales. The
sales campaigns increased customer visits, but at the same time reduced the
comparable gross margin percent. However, in Tokmanni segment we achieved a
higher comparable EBIT than last year, which was partly driven by our determined
efforts to lower operating expenses. Tokmanni segment's comparable EBIT
increased to EUR 26.3 million (25.2). Regarding Spar, we are proceeding
according to plan and have now opened three EUROSPAR stores in conjunction with
Tokmanni stores.
In Dollarstore stores the strategic changes to the product assortment increased
sales of higher-priced products, thereby raising the average basket value. The
main driver of increased operating expenses was the expenses related to the
opening of new stores. Dollarstore segment's comparable EBIT amounted to EUR 1.1
million (5.1). Actions to improve profitability continue as planned.
In the latter part of the third quarter, we opened a pilot store in Sweden to
test an assortment of over 30,000 products, combining well-known items from both
Tokmanni and Dollarstore. The target of this pilot is to create a more unified
and attractive product range and concept across all our operating countries.
Tokmanni Group's current strategy period will conclude at the end of this year.
At the beginning of the new strategy period, the focus will remain on improving
profitability, meaning that in both segments, we will concentrate not only on
sales but also on margin and cost efficiency. At the same time, we will continue
integrating Dollarstore into Tokmanni Group and developing our store network in
Finland, Sweden, and Denmark.
KEY FIGURES
7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2025 2024 % 2025 2024 % 2024
Revenue, MEUR 432.8 416.3 4.0% 1,217.5 1,178.0 3.4% 1,675.0
Like-for-like 0.7 0.8 0.4 0.0 1.0
revenue development,
%
Customer visit 1.4 2.6 2.0 1.3 2.8
development, %
Gross profit, MEUR 151.8 147.8 2.7% 422.7 418.4 1.0% 596.4
Gross profit, % 35.1 35.5 34.7 35.5 35.6
Comparable gross 150.4 148.3 1.4% 423.5 418.9 1.1% 596.2
profit, MEUR
Comparable gross 34.7 35.6 34.8 35.6 35.6
profit, %
Operating expenses, -91.9 -88.1 4.3% -291.6 -273.9 6.5% -374.1
MEUR
Comparable operating -91.7 -88.1 4.1% -291.4 -273.9 6.4% -373.7
expenses, MEUR
EBITDA, MEUR 60.7 60.8 -0.1% 134.7 147.2 -8.5% 227.2
EBITDA, % 14.0 14.6 11.1 12.5 13.6
Comparable EBITDA, 59.6 61.3 -2.9% 135.8 147.7 -8.1% 227.4
MEUR
Comparable EBITDA, % 13.8 14.7 11.2 12.5 13.6
Operating profit 27.5 28.9 -4.9% 35.5 51.8 -31.5% 99.6
(EBIT), MEUR
Operating profit 6.4 7.0 2.9 4.4 5.9
(EBIT), %
Comparable EBIT, 26.4 29.5 -10.5% 36.5 52.3 -30.1% 99.7
MEUR
Comparable EBIT, % 6.1 7.1 3.0 4.4 6.0
Net financial items, -9.7 -8.5 13.2% -28.2 -27.5 2.5% -38.8
MEUR
Capital expenditure, 6.6 7.0 -5.1% 18.3 25.6 -28.6% 39.4
MEUR
Net cash from 31.8 8.1 31.0 12.1 89.1
operating
activities, MEUR
Net debt, MEUR 936.6 832.1 816.3
Net debt without 323.3 271.0 255.3
lease liabilities,
MEUR
Net debt / 4.35 3.70 3.59
comparable EBITDA *
Net debt / 3.60 2.56 2.39
comparable EBITDA
without
lease liabilities *
Return on capital 7.7 9.2 9.7
employed, %
Return on equity, % 14.1 18.3 19.5
Equity ratio, % 17.3 18.6 19.1
Number of shares, 58,744 58,848 58,817 58,842 58,844
weighted average
during
the financial period
(thousands)
Diluted number of 58,874 58,872 58,874 58,870 58,872
shares, weighted
average during the
financial period
(thousands)
Earnings per share, 0.24 0.28 0.10 0.33 0.82
basic (EUR/share)
Earnings per share, 0.24 0.28 0.10 0.33 0.82
diluted (EUR/share)
Personnel at the end 6,619 6,417 6,613
of the period
Personnel on average 4,912 4,965 4,683 4,626 4,611
in the period (FTE)
* Rolling 12 months
comparable EBITDA
ADJUSTMENTS AFFECTING COMPARABILITY
Tokmanni Group reports EBITDA and EBIT as its key performance indicators and
makes adjustments to improve comparability and provide a better view of Tokmanni
Group's operational performance. EBITDA is not a key indicator according to IFRS
accounting standards and it represents operating profit before depreciation and
amortisation. Comparable EBITDA and EBIT represent the same indicators excluding
items that Tokmanni Group's management considers to be exceptional and non
-recurring. The items include changes in the fair value of currency derivatives,
which are adjusted by Tokmanni Group as they are unrealised gains or losses
related to Tokmanni Group's open cash flow hedge positions, and hence not
related to Tokmanni Group's operational performance during the review periods.
In addition, other non-recurring costs related to acquired businesses and
companies are included in the items affecting comparability as well as other non
-recurring expenses such as costs related to damages.
Tokmanni Group's management uses the comparable EBITDA margin and comparable
EBIT margin as key performance indicators when evaluating Tokmanni Group's and
its segments' underlying operational performance.
Adjustments affecting comparability
MEUR 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
Gross profit 151.8 147.8 422.7 418.4 596.4
Changes in fair value of currency -1.4 0.5 0.8 -0.1 -1.0
derivatives
Non-recurring expenses, other 0.0 0.0 0.0 0.0 0.3
Change in the fair value of inventory 0.0 0.0 0.0 0.5 0.5
related to purchase price allocation
Comparable Gross Profit 150.4 148.3 423.5 418.9 596.2
Operating expenses -91.9 -88.1 -291.6 -273.9 -374.1
Non-recurring expenses, other 0.2 0.0 0.2 0.0 0.2
Non-recurring expenses related to 0.0 0.0 0.0 0.0 0.1
business acquisitions
Comparable operating expenses -91.7 -88.1 -291.4 -273.9 -373.7
EBITDA 60.7 60.8 134.7 147.2 227.2
Operating profit (EBIT) 27.5 28.9 35.5 51.8 99.6
Changes in fair value of currency -1.4 0.5 0.8 -0.1 -1.0
derivatives
Non-recurring expenses, business 0.1 0.0 0.1 0.0 0.0
arrangements
Non-recurring expenses, other 0.2 0.0 0.2 0.0 0.5
Non-recurring expenses related to 0.0 0.0 0.0 0.0 0.1
business acquisitions
Change in the fair value of inventory 0.0 0.0 0.0 0.5 0.5
related to purchase price allocation
Comparable EBITDA 59.6 61.3 135.8 147.7 227.4
Comparable operating profit (adj. 26.4 29.5 36.5 52.3 99.7
EBIT)
MARKET DEVELOPMENT
According to the statistics of the Finnish Grocery Trade Association FGTA
(http://www.pty.fi), the total sales of department store and hypermarket chains
in Finland increased by 4.4% in the third quarter of 2025. In particular,
grocery sales increased. It is important to note that the statistics compiled by
the FGTA only cover part of the market relevant for Tokmanni segment.
According to the statistics of the Swedish Food Retailers' Federation
(https://www.svenskdagligvaruhandel.se/), the Food Retail Index in Sweden
increased by 5.4% in total in the third quarter of 2025. Sales in brick-and
-mortar stores increased by 5.2% and online sales by 8.4%. The Food Retail Index
measures sales growth in the grocery trade and does not include specialised food
stores or service trade. It is important to note that the statistics compiled by
the Swedish Food Retailers Federation only cover part of the market relevant for
Dollarstore store chain.
TOKMANNI GROUP'S STORE NETWORK
At the end of September 2025, Tokmanni Group had a total of 385 stores (31
December 2024: 380). In Finland, Tokmanni Group had 204 Tokmanni stores and a
total 36 of Click Shoes and Shoe House stores. In Sweden, Tokmanni Group had 135
Dollarstore stores, and in Denmark, 10 Big Dollar stores. EUROSPAR supermarket
is located at Tokmanni store in Ylöjärvi. After the review period, EUROSPAR
supermarkets have been opened in Masku and Tornio.
Tokmanni Group stores 30.9.2025 30.9.2024 31.12.2024
Tokmanni segment 240 238 240
Tokmanni 204 201 204
Click Shoes and Shoe House 36 34 35
Miny 0 3 1
0 0 0
Dollarstore segment 145 137 140
Dollarstore 135 132 133
Big Dollar 10 5 7
0 0 0
Total 385 375 380
More information about Tokmanni Group's store network is available on the
Group's website at https://tokmannigroup.com/en/investors/tokmanni-group-as-an
-investment/store-network-development.
FINANCIAL DEVELOPMENT
Reporting structure
Tokmanni Group consists of Tokmanni and Dollarstore segments as well as Group
functions and eliminations. Tokmanni segment consists of Tokmanni stores, Click
Shoes stores and Shoe House stores, as well as Tokmanni and Click Shoes online
stores. Dollarstore segment consists of Dollarstore and Big Dollar stores.
Seasonality
Tokmanni Group's business is subject to seasonality, which has a significant
effect on its revenue, profitability, and cash flow. In general, Tokmanni
Group's revenue, profitability and cash flow are lowest in the first quarter and
highest in the fourth quarter due to Christmas sales.
TOKMANNI GROUP
Revenue
Revenue, MEUR 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2025 2024 % 2025 2024 % 2024
Tokmanni segment 314.6 304.0 3.5 879.5 868.2 1.3 1,233.7
Dollarstore 119.1 112.3 6.0 339.2 310.0 9.4 442.4
segment
Group functions -0.9 0.0 -1.2 -0.2 -1.1
and
eliminations
Total 432.8 416.3 4.0 1,217.5 1,178.0 3.4 1,675.0
July-September 2025
In the third quarter 2025, Tokmanni Group's revenue grew by 4.0% (14.3%) to EUR
432.8 million (416.3). Sales of Tokmanni Group's grocery products grew by 2.3%
compared to the corresponding period of the previous year. The proportion of
grocery sales was 52.6% (53.1%) of total sales. Sales of non-grocery products
grew by 4.3%.
Tokmanni Group's like-for-like revenue increased by 0.7% (0.8%). Tokmanni
Group's like-for-like customer visits in stores decreased by 0.7% (+1.4%), and
the total number of customers grew by 1.4% (2.6%) compared to the corresponding
period of the previous year. The like-for-like average basket size increased by
1.4% to EUR 19.89 (19.62).
The brands managed by Tokmanni Group (private label products, exclusive brands
and non-branded products) represented 27.6% (25.1%) of third quarter sales.
January-September 2025
In January-September 2025, Tokmanni Group's revenue grew by 3.4% (27.8%) to EUR
1,217.5 million (1,178.0). Sales of Tokmanni Group's grocery products grew by
3.1% compared to the corresponding period of the previous year. The proportion
of grocery sales was 54.8% (54.5%) of total sales.
Tokmanni Group's like-for-like revenue increased by 0.4% (0.0%). Tokmanni
Group's like-for-like customer visits in stores increased by 0.2% (-0.2%), and
the total number of customers grew by 2.0% (1.3%) compared to the corresponding
period of the previous year. The like-for-like average basket size increased by
0.2% to EUR 19.60 (19.56).
The brands managed by Tokmanni Group (private label products, exclusive brands
and non-branded products) represented 26.2% (24.7%) of January-September sales.
Profitability
Comparable EBIT, MEUR 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2025 2024 % 2025 2024 % 2024
Tokmanni segment 26.3 25.2 4.6 44.7 50.0 -10.6 86.9
Dollarstore segment 1.1 5.1 -78.6 -5.0 4.5 -211.1 15.9
Group functions and eliminations -1.1 -0.8 -27.3 -3.1 -2.3 -37.7 -3.1
Total 26.4 29.5 -10.5 36.5 52.3 -30.1 99.7
July-September 2025
In the third quarter, Tokmanni Group's gross profit amounted to EUR 151.8
million (147.8), and the gross margin was 35.1% (35.5%). Comparable gross profit
was EUR 150.4 million (148.3), corresponding to a comparable gross margin of
34.7% (35.6).
Tokmanni Group's operating expenses remained well controlled and were EUR 91.9
million (88.1), or 21.2% of revenue (21.2%). Personnel expenses represented EUR
56.1 million (53.4), or 13.0% of revenue (12.8%). Comparable operating expenses
were EUR 91.7 million (88.1), or 21.2% of revenue (21.2%).
The Group's EBITDA totalled EUR 60.7 million (60.8), corresponding to an EBITDA
margin of 14.0% (14.6%). Comparable EBITDA totalled EUR 59.6 million (61.3), and
the comparable EBITDA margin was 13.8% (14.7%).
Tokmanni Group's depreciation amounted to EUR 33.2 million (31.9). Depreciation
excluding depreciation of tangible and intangible assets (PPA) arising from the
acquisitions amounted to EUR 32.4 million (31.1). EUR 0.8 million (0.7) was
recognised for depreciation of tangible and intangible assets (PPA) arising in
the acquisitions.
The Group's EBIT in the third quarter totalled EUR 27.5 million (28.9),
corresponding to an EBIT margin of 6.4% (7.0%). Comparable EBIT was EUR 26.4
million (29.5), and the comparable EBIT margin was 6.1% (7.1%). The decline in
EBIT was due to the performance of Dollarstore segment during the review period.
Tokmanni Group's net financial items totalled EUR -9.7 million (-8.5). The
result before taxes was EUR 17.9 million (20.4). Taxes for the period amounted
to EUR -3.6 million (-3.9). The net result was EUR 14.3 million (16.6).
Diluted earnings per share were EUR 0.24 (0.28).
January-September 2025
In January-September 2025, Tokmanni Group's gross profit amounted to EUR 422.7
million (418.4), and the gross margin was 34.7% (35.5%). Comparable gross profit
was EUR 423.5 million (418.9), corresponding to a comparable gross margin of
34,8% (35,6).
Tokmanni Group's operating expenses were EUR 291.6 million (273.9), or 23.9% of
revenue (23.2%). Personnel expenses represented EUR 178.5 million (165.5), or
14.7% of revenue (14.0%). Comparable operating expenses were EUR 291.4 million
(273.9), or 23.9% of revenue (23.2%).
The Group's EBITDA totalled EUR 134.7 million (147.2), corresponding to an
EBITDA margin of 11.1% (12.5%). Comparable EBITDA totalled EUR 135.8 million
(147.7), and the comparable EBITDA margin was 11.2% (12.5%).
Tokmanni Group's depreciation amounted to EUR 99.2 million (95.4). Depreciation
excluding depreciation of tangible and intangible assets (PPA) arising from the
acquisitions amounted to EUR 97.0 million (93.2). EUR 2.3 million (2.2) was
recognised for depreciation of tangible and intangible assets (PPA) arising in
the acquisitions.
The Group's EBIT totalled EUR 35.5 million (51.8), corresponding to an EBIT
margin of 2.9% (4.4%). Comparable EBIT was EUR 36.5 million (52.3), and the
comparable EBIT margin was 3.0% (4.4).
Tokmanni Group's net financial items totalled EUR -28.2 million (-27.5). The
result before taxes was EUR
7.3 million (24.3). Taxes for the review period were EUR -1.3 million (-5.0).
The net result was EUR 6.0 million (19.3). The weaker result compared to the
corresponding period of the previous year was mainly due to decreased gross
margin, increased operating expenses and higher depreciation.
Diluted earnings per share were EUR 0.10 (0.33).
By the end of September 2025, the achieved synergy benefits of Tokmanni's and
Dollarstore's integration amounted to EUR 21.7 million on an annual basis, and
we have now exceeded our target of annual synergy benefits of over EUR 20
million by the end of 2025.
Balance sheet, financing and cash flow
At the end of September 2025, Tokmanni Group's inventories amounted to EUR 477.7
million (446.0). At the end of September, Tokmanni segment's inventories
amounted to EUR 331.9 million (319.2) and Dollarstore segment's inventories
amounted to EUR 145.8 million (126.8).
Group's consolidated cash flow from operating activities amounted to EUR 31.8
million (8.1) in the third quarter of 2025. In January-September, the
consolidated cash flow from operating activities amounted to EUR 31.0 million
(12.1). The development of cash flow from operating activities was particularly
affected by a change in Dollarstore's product deliveries: products are now
delivered to a significant extent via the Group's warehouse in Örebro, in
Sweden, whereas previously wholesalers mainly delivered products directly to the
stores. This is based on Tokmanni Group's decision to increase direct imports
and reduce deliveries from wholesalers in order to streamline buying and
sourcing.
At the end of September 2025, Tokmanni Group had a total of EUR 173.0 million
(166.3) available in credit facilities, consisting of loan agreements with
credit institutions and a commercial paper programme. Cash and cash equivalents
amounted to EUR 8.9 million (13.0) at the end of September 2025.
At the end of September 2025, Tokmanni Group's interest-bearing debt totalled
EUR 945.5 million (845.1), including EUR 220.0 million (205.0) in non-current
loans from credit institutions, excluding accrued issue expenses, and EUR 113.0
million (79.7) in current loans from credit institutions and commercial paper
programme. The remainder of the liabilities mainly consist of lease agreement
liabilities reported under IFRS 16. The Group's net debt excluding lease
liabilities amounted to EUR 323.3 million (271.0) and the increase was mainly
due to growth in inventories and investments in store locations.
Tokmanni Group's ratio of net debt to comparable EBITDA excluding the impact of
IFRS 16 was 3.60 at the end of September 2025 (2.56). Tokmanni Group's target is
an efficient capital structure. The long-term goal is to keep the ratio of net
debt to comparable EBITDA, excluding the impact of IFRS 16, below 2.25 at year
-end.
Tokmanni Group's equity ratio was 17.3% (18.6%) at the end of September 2025.
Capital expenditure
Tokmanni Group's capital expenditure in the third quarter of 2025 totalled EUR
6.6 million (7.0). Capital expenditure was related to the expansion, development
and maintenance of the store network, as well as the development of digital
services. In January-September 2025, the capital expenditure totalled EUR 18.3
million (25.6).
TOKMANNI SEGMENT
Tokmanni segment includes Tokmanni, Click Shoes and Shoe House stores, as well
as Tokmanni and Click Shoes online stores.
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
Revenue, MEUR 314.6 304.0 879.5 868.2 1,233.7
Like-for-like revenue, % 1.5 0.0 -0.2 -0.6 0.3
Comparable gross profit, 106.8 106.0 300.8 301.8 428.4
MEUR
Comparable gross profit, 33.9 34.9 34.2 34.8 34.7
%
Comparable EBIT, MEUR 26.3 25.2 44.7 50.0 86.9
Comparable EBIT, % 8.4 8.3 5.1 5.8 7.0
Return on capital 10.8 11.8 12.0
employed, %, rolling 12
months
Inventories at the end 331.9 319.2 298.9
of period, MEUR
Capital expenditure, 4.7 6.2 11.8 21.4 32.6
MEUR
Personnel on average in 3,475 3,521 3,307 3,324 3,293
the period (FTE)
Number of stores at the 240 238 240
end of period
Revenue
July-September 2025
In the third quarter, Tokmanni segment's revenue increased by 3,5% (1,3%) to EUR
314,6 million (304,0). Seasonal summer products found buyers in the third
quarter, especially thanks to attractive offers and the favourable weather in
July. Sales of grocery products increased by 2.5%. The proportion of grocery
sales was 51.0% (51.4%) of Tokmanni segment's total sales. Sales of non-grocery
products increased by 4.3%.
Tokmanni segment's like-for-like revenue increased by 1.5% (0.0%). Like-for-like
customer visits in stores increased by 1.3% (1.8%), and the total number of
customers increased by 2.6% (2.4%). The like-for-like average basket size
increased by 0.2% to EUR 21.14 (21.09).
Direct imports accounted for 27.5% of Tokmanni segment's sales (26.5%). These
can be broken down into products purchased using the sourcing company in
Shanghai, China, which accounted for 21.8% (21.4%), and other direct imports,
which accounted for 5.7% (5.1%).
January-September 2025
In January-September 2025, Tokmanni segment's revenue increased by 1.3% (1.3%)
to EUR 879.5 million (868.2). Sales of grocery products increased by 2.2%. The
proportion of grocery sales was 53.8% (53.3%) of Tokmanni segment's total sales.
Tokmanni segment's like-for-like revenue decreased by 0.2% (-0.6%). Like-for
-like customer visits in stores increased by 0.7% (0.4%), and the total number
of customers increased by 1.6% (1.6%). The like-for-like average basket size
decreased by 0.9% to EUR 20.81 (21.01).
Direct imports accounted for 25.6% of Tokmanni segment's sales (25.4%). These
can be broken down into products purchased using the sourcing company in
Shanghai, China, which accounted for 19.6% (20.0%), and other direct imports,
which accounted for 6.0% (5.4%).
Profitability
July-September 2025
In the third quarter 2025, Tokmanni segment's gross profit amounted to EUR 107.9
million (105.5), and the gross margin was 34.3% (34.7%). Comparable gross profit
was EUR 106.8 million (106.0), corresponding to a comparable gross margin of
33.9% (34.9%). The comparable gross margin decreased mainly due to discount
sales of summer and spring season products.
Tokmanni segment's operating expenses decreased thanks to successful, broad
-based cost control. Particular focus was placed on enhancing marketing
efficiency and managing personnel expenses. The operating expenses totalled EUR
61.2 million (61.7), or 19.5% of revenue (20.3%). Personnel expenses were EUR
35.9 million (35.4) of total operating expenses, or 11.4% of revenue (11.6%).
Comparable operating expenses were EUR 61.1 million (61.7), or 19.4% of revenue
(20.3%).
Tokmanni segment's EBITDA totalled EUR 47.5 million (44.9), which corresponds to
an EBITDA margin of 15.1% (14.8%). Comparable EBITDA totalled EUR 46.7 million
(45.4), and the comparable EBITDA margin was 14.8% (14.9%).
Tokmanni segment's EBIT totalled EUR 27.2 million (24.7), corresponding to an
EBIT margin of 8.6% (8.1%). Comparable EBIT was EUR 26.3 million (25.2), and the
comparable EBIT margin was 8.4% (8.3%).
Tokmanni segment's capital expenditure totalled EUR 4.7 million (6.2).
January-September 2025
In January-September 2025, Tokmanni segment's gross profit amounted to EUR 300.0
million (301.9), and the gross margin was 34.1% (34.8%). Comparable gross profit
was EUR 300.8 million (301.8), corresponding to a comparable gross margin of
34.2% (34.8%).
Tokmanni segment's operating expenses totalled EUR 198.5 million (193.6), or
22.6% of revenue (22.3%). Personnel expenses were EUR 116.1 million (111.3) of
total operating expenses, or 13.2% of revenue (12.8%). Comparable operating
expenses were EUR 198.4 million (193.6), or 22.6% of revenue (22.3%).
Tokmanni segment's EBITDA totalled EUR 104.7 million (110.9), which corresponds
to an EBITDA margin of 11.9% (12.8%). Comparable EBITDA totalled EUR 105.8
million (110.9), and the comparable EBITDA margin was 12.0% (12.8%).
Tokmanni segment's EBIT totalled EUR 43.6 million (50.0), corresponding to an
EBIT margin of 5.0% (5.8%). Comparable EBIT was EUR 44.7 million (50.0), and the
comparable EBIT margin was 5.1% (5.8%).
Tokmanni segment's capital expenditure totalled EUR 11.8 million (21.4).
DOLLARSTORE SEGMENT
Dollarstore segment consists of Dollarstore and Big Dollar stores.
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
Revenue, MEUR 119.1 112.3 339.2 310.0 442.4
Like-for-like revenue, % -1.4 3.1 2.1 1.6 3.2
Comparable gross profit, 43.8 42.3 123.0 117.2 168.6
MEUR
Comparable gross profit, 36.8 37.6 36.3 37.8 38.1
%
Comparable EBIT, MEUR 1.1 5.1 -5.0 4.5 15.9
Comparable EBIT, % 0.9 4.6 -1.5 1.5 3.6
Return on capital 1.5 4.0 4.1
employed, %, rolling 12
months *
Inventories at the end of 145.8 126.8 129.5
period, MEUR
Capital expenditure, MEUR 2.0 0.8 6.5 4.2 6.8
Personnel on average in 1,423 1,435 1,362 1,293 1,309
the period (FTE)
Number of stores at the 145 137 140
end of period
Revenue
July-September 2025
In the third quarter, Dollarstore segment's revenue increased by 6.0% to was EUR
119.1 million (112.3). In local currencies, revenue grew by 3.0% (6.3%) compared
to the corresponding period of the previous year. Sales of grocery products grew
by 2.1% compared to the corresponding period of the previous year in local
currencies. The proportion of grocery sales was 56.8% (57.4%) of Dollarstore
segment's total sales. The 4.3% growth in sales of non-grocery products was
driven by a broader selection of Tokmanni Group's own brands.
Dollarstore segment's like-for-like revenue decreased by 1.4% (+3.1%) in local
currencies. Like-for-like customer visits in stores decreased by 4.9% (+0.5%),
and the total number of customers decreased by 1.0% (+3.2%) year-on-year. The
like-for-like average basket size increased by 3.6% to EUR 17.06 (16.46). More
moderate summer clearance sales compared to previous year led to a decrease in
customer visits.
January-September 2025
In January-September 2025, Dollarstore segment's revenue increased by 9.4% and
was EUR 339.2 million (310.0). In local currencies, revenue grew by 6.3% (4.2%)
compared to the corresponding period of the previous year. Sales of grocery
products grew by 5.5% compared to the corresponding period of the previous year
in local currencies. The proportion of grocery sales was 57.1% (57.6%) of
Dollarstore segment's total sales.
Dollarstore segment's like-for-like revenue increased by 2.1% (1.6%) in local
currencies. Like-for-like customer visits in stores decreased by 0.9% (-1.5%),
and the total number of customers grew by 2.8%
(0.7%) year-on-year. The like-for-like average basket size increased by 3.0% to
EUR 16.88 (16.39).
Profitability
July-September 2025
In the third quarter, Dollarstore segment's gross profit amounted to EUR 44.1
million (42.3), and the gross margin was 37.0% (37.6%). Comparable gross profit
was EUR 43.8 million (42.3), corresponding to a comparable gross margin of 36.8%
(37.6%).
Dollarstore segment's operating expenses totalled EUR 30.0 million (25.5), or
25.2% of revenue (22.7%). The increase was driven especially by the opening of
new stores. Personnel expenses were EUR 19.4 million (17.4) of total operating
expenses, or 16.3% of revenue (15.5%). Comparable operating expenses were EUR
30.0 million (25.5), or 25.2% of revenue (22.7%).
Dollarstore segment's EBITDA totalled EUR 14.3 (16.8) million, which corresponds
to an EBITDA margin of 12.0% (14.9%). Comparable EBITDA totalled EUR 14.0
million (16.8), and the comparable EBITDA margin was 11.7% (14.9%).
Dollarstore segment's EBIT totalled EUR 1.4 million (5.1), corresponding to an
EBIT margin of 1.2% (4.6%). Comparable EBIT was EUR 1.1 million (5.1), and the
comparable EBIT margin was 0.9% (4.6%). Profitability was particularly affected
by expenses resulting from the opening of new stores.
Dollarstore segment's capital expenditure totalled EUR 2.0 million (0.8).
January-September 2025
In January-September 2025, Dollarstore segment's gross profit amounted to EUR
123.0 million (116.6), and the gross margin was 36.3% (37.6%). Comparable gross
profit was EUR 123.0 million (117.2), corresponding to a comparable gross margin
of 36.3% (37.8%).
Dollarstore segment's operating expenses totalled EUR 90.8 million (78.2), or
26.8% of revenue (25.2%). Personnel expenses were EUR 60.1 million (52.5) of
total operating expenses, or 17.7% of revenue (16.9%). Comparable operating
expenses were EUR 90.8 million (78.2), or 26.8% of revenue (25.2%).
Dollarstore segment's EBITDA totalled EUR 33.1 (38.5) million, which corresponds
to an EBITDA margin of 9.8% (12.4%). Comparable EBITDA totalled EUR 33.1 million
(39.1), and the comparable EBITDA margin was 9.8% (12.6%).
Dollarstore segment's EBIT totalled EUR -5.1 million (4.0), corresponding to an
EBIT margin of -1.5%
(1.3%). Comparable EBIT was EUR -5.0 million (4.5), and the comparable EBIT
margin was -1.5% (1.5%).
Dollarstore segment's capital expenditure totalled EUR 6.5 million (4.2).
PERSONNEL
Personnel 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
In the end of period 0,000 0,000 6,619 6,417 6,613
Finland 0,000 0,000 4,370 4,416 4,488
Sweden 0,000 0,000 2,094 1,932 2,016
Denmark 0 0 155 69 109
Personnel on average (FTE) 4,912 4,965 4,683 4,626 4,611
Finland 3,489 3,530 3,321 3,333 3,302
Sweden 1,330 1,393 1,282 1,249 1,262
Denmark 93 42 80 44 47
RISKS AND BUSINESS UNCERTAINTIES
Tokmanni Group's risks and uncertainties are discussed in detail in the Report
by the Board of Directors for 2024 and in the Financial Statements Bulletin as
well as Tokmanni Group's website at
https://tokmannigroup.com/en/investors/corporate-governance/risk-management-and
-control.
EVENTS AFTER THE REVIEW PERIOD
Filing a lawsuit against an administrative decision in Denmark
A Danish public authority has made a decision that affects Big Dollar store's
space and daily consumer goods assortment management. According to the decision,
the Big Dollar store located in the city of Brønderslev could not be considered
a variety store due to the layout and placement of daily consumer goods and the
extent of its sale of daily consumer goods and it therefore violated the local
plan. As a result, the authority has overturned a previous decision by the
municipality of Brønderslev, which had permitted the Big Dollar store.
According to Tokmanni Group Corporation, the decision from the Danish authority
contains an assessment based on an overly narrow and detailed regulation of
variety store product range and store layout. In Tokmanni Group Corporation's
view, this assessment impacts not only the operations of Big Dollar stores but
also the entire retail sector in Denmark. Therefore, Dollarstore ApS has decided
to challenge the decision in court. The goal is to overturn the decision and get
confirmation that the Big Dollar store in Brønderslev is permitted under the
local plan.
Mäntsälä 14 November 2025
Tokmanni Group Corporation
Board of Directors
ANALYST AND PRESS CONFERENCE
Tokmanni Group's CEO Mika Rautiainen and CFO Tapio Arimo will present the report
to analysts, investors and media representatives on the publication day at 10:00
am (Finnish time). The live webcast can be accessed via Tokmanni Group's website
at https://tokmannigroup.com/en/investors or through the link below. A recording
will be available after the event on Tokmanni Group's website.
Link to the webcast page: https://rajucast.tv/tokmanni-group/251114-q3/.
The participants can ask questions by joining a Teams meeting that is arranged
in conjunction with the live webcast. The link to the Teams can be found on the
webcast page mentioned above.
For further information, please contact
Mika Rautiainen, CEO, tel. +358 20 728 6061, mika.rautiainen(at)tokmanni.fi
Tapio Arimo, CFO, tel. +358 20 728 7390, tapio.arimo(at)tokmanni.fi
Maarit Mikkonen, Group Head of IR and Communications, tel. +358 40 562 2282,
maarit.mikkonen(at)tokmanni.fi
Distribution
Nasdaq Helsinki
Key Media
Tokmanni Group Corporation's Business Review for 1 January-30 September 2025
ACCOUNTING POLICIES
This Business Review has been prepared using the same accounting policies and
methods of computation as in the Financial Statements for 2024. This is not an
interim report under IAS 34. AII figures in the accounts have been rounded.
Consequently, the sum of individual figures can deviate from the presented sum
figure. The figures in the financial statement release are presented in millions
of euros.
Seasonality
Tokmanni Group's business is subject to seasonality, which has a significant
effect on its revenue, profitability, and cash flow. In general, Tokmanni
Group's revenue, profitability and cash flow are lowest in the first quarter and
highest in the fourth quarter due to Christmas sales.
Use of estimates
The preparation of the Business Review in accordance with IFRS requires the
management to make estimates and assumptions that affect the amount assets and
liabilities on the balance sheet, the reporting of contingent assets and
liabilities, and the amounts income and expenses. Although the estimates are
based on the management's best knowledge of current events and actions, the
actual results may differ from the estimates.
This report is unaudited.
Consolidated income statement (MEUR)
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
Revenue 432.8 416.3 1,217.5 1,178.0 1,675.0
Other operating income 0.9 1.1 3.7 2.7 4.9
Gain on disposal of discontinued 0.2 - 0.2 - -
operations and revaluation to fair
value
Materials and services -281.0 -268.5 -794.8 -759.6 -1,078.6
Employee benefits expenses -56.1 -53.4 -178.5 -165.5 -224.1
Depreciation -33.2 -31.9 -99.2 -95.4 -127.6
Other operating expenses -35.8 -34.7 -113.1 -108.4 -150.0
Loss on disposal of discontinued -0.3 - -0.3 - -
operations and revaluation to fair
value
Share of profit in joint ventures 0.0 0.0 0.0 0.0 0.1
Operating profit 27.5 28.9 35.5 51.8 99.6
Financial income 0.6 2.1 4.0 5.0 6.5
Financial expenses -10.2 -10.6 -32.1 -32.5 -45.4
Profit/loss before tax 17.9 20.4 7.3 24.3 60.7
Income taxes -3.6 -3.9 -1.3 -5.0 -12.3
Net result for the financial period 14.3 16.6 6.0 19.3 48.4
Profit for the year attributable to
Equity holders of the parent company 14.3 16.6 6.0 19.3 48.4
Consolidated statement of
comprehensive income (MEUR)
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2025 2024 2025 2024 2024
Net result for the financial period 14.3 16.6 6.0 19.3 48.4
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Exchange differences on translating 1.3 0.8 5.7 -4.2 -6.4
foreign operations
Comprehensive income for the 1.3 0.8 5.7 -4.2 -6.4
financial period, net of tax
Comprehensive income for the 15.5 17.4 11.7 15.1 42.1
financial period
Comprehensive income for the
financial period attributable to
Equity holders of the parent company 15.5 17.4 11.7 15.1 42.1
Earnings per share
Equity holders of the parent company 14.3 16.6 6.0 19.3 48.4
Earnings per share, basic 0.24 0.28 0.10 0.33 0.82
(EUR/share)
Earnings per share, diluted 0.24 0.28 0.10 0.33 0.82
(EUR/share)
INFORMATION BY SEGMENT
Revenue by segment, EUR 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
million
Tokmanni 314.6 304.0 879.5 868.2 1,233.7
of which between the 0.9 0.0 1.2 0.2 1.1
segments in total
Dollarstore 119.1 112.3 339.2 310.0 442.4
Group functions and -0.9 0.0 -1.2 -0.2 -1.1
eliminations
Group total 432.8 416.3 1,217.5 1,178.0 1,675.0
Gross profit by segment, 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
EUR million
Tokmanni 107.9 105.5 300.0 301.9 429.4
Dollarstore 44.1 42.3 123.0 116.6 167.8
Group functions and -0.2 0.0 -0.4 -0.1 -0.8
eliminations
Group total 151.8 147.8 422.7 418.4 596.4
EBIT by segment, EUR 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
million
Tokmanni 27.2 24.7 43.6 50.0 87.8
Dollarstore 1.4 5.1 -5.1 4.0 14.8
Group functions and -1.1 -0.8 -3.1 -2.3 -3.1
eliminations
Group total 27.5 28.9 35.5 51.8 99.6
Comparable EBIT by 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
segment, EUR million
Tokmanni 26.3 25.2 44.7 50.0 86.9
Dollarstore 1.1 5.1 -5.0 4.5 15.9
Group functions and -1.1 -0.8 -3.1 -2.3 -3.1
eliminations
Group total 26.4 29.5 36.5 52.3 99.7
Comparable EBIT by 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
segment, %
Tokmanni 8.4 8.3 5.1 5.8 7.0
Dollarstore 0.9 4.6 -1.5 1.5 3.6
Group functions and 0.0 0.0 0.0 0.0
eliminations
Group total 6.1 7.1 3.0 4.4 6.0
Return on capital 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
employed, %, rolling 12
months
Tokmanni 0.0 0.0 10.8 11.8 12.0
Dollarstore 0.0 0.0 1.5 4.0 4.1
Group functions and 0.0 0.0 0.0 0.0 0.0
eliminations
Group total 0.0 0.0 7.3 9.0 9.1
Inventories at the end 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
of period, EUR million
Tokmanni 0.0 0.0 331.9 319.2 298.9
Dollarstore 0.0 0.0 145.8 126.8 129.5
Group functions and 0.0 0.0 0.0 0.0 0.0
eliminations
Group total 0.0 0.0 477.7 446.0 428.4
Capital expenditure 7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
by segment, EUR
million
Tokmanni 4.7 6.2 11.8 21.4 32.6
Dollarstore 2.0 0.8 6.5 4.2 6.8
Group functions and 0.0 0.0 0.0 0.0 0.0
eliminations
Group total 6.6 7.0 18.3 25.6 39.4
CALCULATION OF THE GROUP'S KEY FIGURES
Like-for-like revenue development, % = Like-for-like revenue development is
calculated by taking into account the
revenue growth of stores that are not
considered to be net-new and the
revenue growth of relocated stores,
as defined by Tokmanni Group to
include: (i) new stores opened; (ii)
store relocations where the store
size changes by 30 per cent or more
and the assortment increases or is
reduced substantially; and (iii)
store expansions where the store size
changes by 30 per cent or more. If
the store falls in one of these
categories, it is regarded as a net
-new or relocated store in its
opening year and in the following
calendar year. Tokmanni Group reduces
the net amount of stores closed
during the financial year from new
and relocated stores.
Customer visit development, % = Number of customer transactions
development
Gross profit = Revenue - Materials and services
Comparable gross profit = Gross profit - Changes in the fair
value of currency derivatives - Other
non-recurring expenses
Operating expenses = Employee benefits expenses + Other
operating expenses
Comparable operating expenses = Operating expenses - Changes in fair
value of electricity derivatives -
Other non-recurring expenses
EBITDA = Operating profit + Depreciation
Comparable EBITDA = EBITDA - Changes in fair value of
currency and electricity derivatives
- Other non-recurring expenses
Comparable EBIT = EBIT - Changes in fair value of
currency and electricity derivatives
- Other non-recurring expenses
Net financial expenses = Financial income - Financial expenses
Capital expenditure = Investments in tangible and
intangible assets + Purchased
subsidiary shares
Net debt = Interest-bearing debt - Cash and cash
equivalents
Net debt without lease liabilities = Net debt - IFRS 16 lease liabilities
Net debt / Comparable EBITDA = Net debt
Comparable EBITDA for the preceding
12 months
Net debt / Comparable EBITDA without = Net debt - IFRS 16 lease liabilities
lease liabilities
Comparable EBITDA without IFRS 16
liabilities for the preceding 12
months
Capital employed = Non-current assets - Deferred tax
assets + Inventories + Trade and
other receivables + Cash and cash
equivalents - Non-current non
-interest-bearing liabilities - Trade
payables and other current
liabilities
Return on capital employed, %, = Comparable EBIT, average for the
rolling 12 months preceding 12 months
Capital employed, average for the
preceding 12 months
Invested capital = Balance sheet total - Deferred tax
liability and other non-interest
-bearing liabilities
Return on invested capital, % = Profit before taxes + Interest and
other financial expenses (preceding
12 months)
Invested capital, average for the
preceding 12 months
Return on equity, % = Net result for the preceding 12
months
Equity, average for the preceding 12
months
Number of personnel = Number of personnel at the end of the
period
Number of personnel on average, = Average number of personnel converted
converted into full-time employees into full-time employees
Equity ratio = Equity
Balance sheet total - Advances
received
Calculation of the group's per-share data
Earnings per share, basic = Net profit
Number of shares, weighted average during the period
Earnings per share, diluted = Net profit
Diluted number of shares, weighted average during the period